BookMyShow has either laid off or furloughed 270 employees, out of its 1,450 employees in India and globally. BookMyShow said the employees are from various teams and functions, without giving a breakup of the specific divisions which have been impacted.
“We are constantly pushing ourselves to not choose a path of no-return, but given this extraordinary situation of such magnitude, with no let-up in sight, we have had to resort to the task of reducing our costs to align them with what we believe will be greatly reduced revenues in the months to come,” BookMyShow’s founder & CEO Ashish Hemrajani said in an email to employees.
Employees who are staying back have voluntarily taken salary cuts starting from 10% to 50% at the leadership level, and given up all their bonuses and salaries. “The company has cut all other expenses and renegotiated with vendors, partners and landlords and after exhausting all other cost-saving measures, we have taken this decision as a last resort,” Hemrajani added.
Employees on furlough with continue to receive insurance, gratuity and other benefits. BookMyShow counts SAIF Partners, TPG Growth, and Accel Partners among its investors.